For the first time since 2002, the new farm bill authorizes landowners to file updates on Farm Service Agency (FSA) yields on their properties, using 90% of their 2008-2012 averages. They also have the chance to reallocate--but not increase--historic base acres to be more reflective of recent planting and production.

"The two choices are separate decisions, but this is a one-time option—so don’t miss this important chance to impact your bottom line," advises Todd Jennison, an agribusiness consultant with Kennedy and Coe in Garden City, Kan. Whatever farm program ...